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Commodities

US-Venezuela Oil Deal Set for 25 Years

Guavy AI Editorial Team
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Oil
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Venezuela's interim President Delcy Rodriguez announced that an oil agreement reached with the US will remain in effect for 25 years and aims to increase the country's daily oil production to over 1.5 million barrels.

The historic deal, which covers the development of eight crude oil fields in the Orinoco Oil Belt, is expected to generate $209.335 billion in revenue for Venezuela based on an oil price of $65 per barrel.

Rodriguez thanked US President Donald Trump and Secretary of State Marco Rubio for their efforts in finalizing the agreement, saying that 'each side contributed what it does best.'

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